A to being approved for a loan modification as a Wells Fargo customer is the Wells Fargo loan modification worksheet. You have to be able to demonstrate in black and white that your financial situation fits seamlessly with the program guidelines. You go about this by preparing and submitting your loan modification worksheet correctly. Your monthly gross earnings, your monthly expenditures and your current bank balance should all fall within the designated program criteria. This is often one of the trickiest parts of a loan modification application. However, it’s not nearly as daunting as it may seem to prepare this part of your application effectively.
- Work out your Debt-To-Income Ratio (DIR). Although your loan modification will be processed by Wells Fargo (assuming that you’re pursuing your modification through them), a federal mortgage (DIR) ceiling of 31% exists. You need to divide your monthly home loan payment (inclusive of all taxes, insurance, and homeowner’s association fees) by your total/gross monthly earnings.
- Contact Wells Fargo for your financial worksheet, if you are not in possession of it already. The form will include a section for your personal information, your income information, and details regarding the assets in your possession.
- Be sure to thoroughly complete all the required sections of the form. It’s a good idea to complete a rough draft of the form using a photocopy to ensure that you have all the facts and figures correct before you begin completing the original form.
- Provide all the relevant financial hardship information that you can. This is a crucial part of completing the form. It is here that you will make your case for why you are in need of a loan modification. Present Wells Fargo with detailed, specific information, and always remember to keep your responses honest and factual. Highlight all the difficult/unforeseen circumstances that you are facing that have resulted in your financial hardship.
- Double-check your worksheet for errors before your submit it to Wells Fargo. If possible, have it reviewed by a trusted financial advisor/professional. This document will play a major role in Wells Fargo determining if you are eligible for a loan modification. Do everything in your power to ensure that you have all the necessary bases covered.
The Wells Fargo Loan Modification Worksheet forms part of the Wells Fargo Loan Modification Process that exists to provide struggling homeowners in America with concrete help. For expert and unbiased support with preparing your loan modification application, discover how Mycaal.com is able to be of service to you. The innovative MyCaal software enables you to prepare and submit the most accurate and comprehensive modification package possible.